XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.6.0.2

SEGMENT REPORTING | 12 Months Ended
--- | ---
Dec. 31, 2016
SEGMENT REPORTING |
SEGMENT REPORTING | 16. SEGMENT REPORTING The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company’s chief operating decision maker. In September 2015, the Board approved a plan to divest or otherwise exit the Company’s Services segment; consequently, this segment is now reported as a discontinued operation and the Company has revised its segment presentation to include two reportable operating segments: Towers and Weldments, and Gearing. All current and prior period financial results have been revised to reflect these changes. Effective upon the acquisition of Red Wolf on February 1, 2017, as more fully described in Note 22, “Subsequent Events” in the notes to our consolidated financial statements, the Company will be reporting operations in a new segment, Process Systems. The Company’s segments and their product offerings are summarized below: Towers and Weldments The Company manufactures towers for wind turbines, specifically the large and heavier wind towers that are designed for multiple MW wind turbines. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The facilities have a combined annual tower production capacity of up to approximately 500 towers, sufficient to support turbines generating more than 1,000 MW of power. This product segment also encompasses the manufacture of specialty weldments for mining and other industrial customers. Gearing The Company engineers, builds and remanufactures precision gears and gearing systems for oil and gas, wind, mining, steel and other industrial applications. The Company uses an integrated manufacturing process, which includes machining and finishing processes in Cicero, Illinois, and heat treatment in Neville Island, Pennsylvania. Corporate and Other “Corporate” includes the assets and SG&A expenses of the Company’s corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. The accounting policies of the reportable segments are the same as those referenced in Note 1, “Description of Business and Summary of Significant Accounting Policies” of these consolidated financial statements. Summary financial information by reportable segment is as follows:
|  |  | Towers and |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Weldments |  | Gearing |  | Corporate |  | Eliminations |  | Consolidated |
For the Year Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  |  | $ | 160,210 |  | $ | 20,630 |  | $ | — |  | $ | — |  | $ | 180,840 |
Intersegment revenues |  |  |  | — |  |  | 18 |  |  | — |  |  | (18) |  |  | — |
Net revenues |  |  |  | 160,210 |  |  | 20,648 |  |  | — |  |  | (18) |  |  | 180,840 |
Operating profit (loss) |  |  |  | 12,788 |  |  | (3,244) |  |  | (7,636) |  |  | 1 |  |  | 1,909 |
Depreciation and amortization |  |  |  | 4,166 |  |  | 2,545 |  |  | 203 |  |  | — |  |  | 6,914 |
Capital expenditures |  |  |  | 6,161 |  |  | 386 |  |  | 77 |  |  | — |  |  | 6,624 |
Assets held for sale |  |  |  | — |  |  | 353 |  |  | 455 |  |  | — |  |  | 808 |
Total assets |  |  |  | 45,367 |  |  | 30,415 |  |  | 244,639 |  |  | (202,759) |  |  | 117,662 |
|  | Towers and |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Weldments |  | Gearing |  | Corporate |  | Eliminations |  | Consolidated |
For the Year Ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 170,540 |  | $ | 28,616 |  | $ | — |  | $ | — |  | $ | 199,156 |
Intersegment revenues |  |  | 379 |  |  | 972 |  |  | — |  |  | (1,351) |  |  | — |
Net revenues |  |  | 170,919 |  |  | 29,588 |  |  | — |  |  | (1,351) |  |  | 199,156 |
Operating profit (loss) |  |  | 4,702 |  |  | (8,235) |  |  | (8,378) |  |  | 3 |  |  | (11,908) |
Depreciation and amortization |  |  | 3,954 |  |  | 5,031 |  |  | 194 |  |  | — |  |  | 9,179 |
Capital expenditures |  |  | 2,096 |  |  | 583 |  |  | 110 |  |  | — |  |  | 2,789 |
Assets held for sale |  |  | 554 |  |  | 506 |  |  | 3,343 |  |  | — |  |  | 4,403 |
Total assets |  |  | 38,622 |  |  | 39,735 |  |  | 256,238 |  |  | (224,688) |  |  | 109,907 |
The Company generates revenues entirely from transactions completed in the U.S. and its long‑lived assets are all located in the U.S. All intercompany revenue is eliminated in consolidation. During 2016, three customers each accounted for more than 10% of total net revenues. These three customers accounted for revenues of $111,480, $23,018, and $21,237 for fiscal year 2016 and were reported within the Towers and Weldments segment. During 2015, two customers accounted for more than 10% of total net revenues. These two customers accounted for revenues of $124,759 and $45,214 for fiscal year 2015 and were reported within the Towers and Weldments segment. During the years ended December 31, 2016 and 2015, five customers accounted for 91% and 92%, respectively, of total net revenues.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration